“India’s FinTech revolution is improving financial inclusion as well as driving innovation”
“India’s FinTech diversity amazes everyone”
“Jan Dhan Yojana has been pivotal in boosting financial inclusion”
“UPI is a great example of India’s FinTech success”
“Jan Dhan Program has laid strong foundations of financial empowerment of women”
The Prime Minister Narendra Modi, addressed the Global Fintech Fest (GFF) 2024 at the Jio World Convention Centre in Mumbai, Maharashtra today. The Prime Minister also took a walkthrough of the exhibition showcased on the occasion. GFF is jointly organized by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council and it aims to showcase India’s strides in Fintech and bring together key stakeholders of the sector.
Addressing the gathering, the Prime Minister said that the economy and the markets of the nation are in a celebratory mood at a time when the nation is also going through a festive period, and the organization of Global Fintech Fest is happening in the city of dreams, Mumbai. The Prime Minister extended a warm welcome to all the dignitaries and guests. Speaking about his experiences and interactions at the exhibition before the commencement of the program, PM Modi said that one can witness a whole new world of innovations of the youth and possibilities of the future. He congratulated all those involved in the successful organization of the Global Fintech Fest (GFF) 2024.
Hailing Bharat’s fintech innovation, the Prime Minister said, “Earlier foreign guests visiting India used to be amazed by its cultural diversity, now they are amazed by its fintech diversity as well.” PM Modi held that Bharat’s fintech revolution is widespread for one to witness right from the moment of their arrival at the airport to street food and shopping experience. “In the last 10 years, the industry has received a record investment of more than 31 billion USD along with witnessing a startup growth of 500 percent,” he underlined, highlighting affordable mobile phones, inexpensive data and Jan Dhan Bank accounts starting with zero balance for bringing in a revolution. “Today, the total number of broadband users in the country has increased from 60 million to 940 million,” PM Modi said, further highlighting that there is hardly any 18-year-old in the country without an Aadhaar, a digital identification. “Today, more than 530 million people in the country have Jhan Dhan accounts. In a way we have connected a population equivalent to that of the entire European Union to banks in just 10 years,” he added.
The Prime Minister underlined that the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of ‘Cash is King’ and made way for approximately half of the digital transactions in the world taking place in India. “India’s UPI has become a major example of Fintech in the world” the Prime Minister said adding that it has enabled 27 X 7 banking services in every village and city in all weather conditions. Recalling the Covid pandemic, the Prime Minister said that India was one of the handful of nations in the world where the banking system remained uninterrupted.
The Prime Minister highlighted the 10th anniversary of Jan Dhan Yojna a few days ago and said that it has become a huge medium for women empowerment. He informed that more than 29 crore bank accounts have been set up for women so far opening up new opportunities for savings and investments. He further added that the largest microfinance scheme, Mudra Yojna, was launched on the philosophy of Jan Dhan accounts and has disbursed a credit of Rs 27 trillion so far. “70 percent of the beneficiaries of this scheme are women”, PM Modi informed. He further explained that Jan Dhan accounts are also used in connecting self-help groups with the banking system and have benefited 10 crore rural women. “Jan Dhan Program has laid strong foundations of financial empowerment of women”, PM Modi remarked.
Cautioning about the dangers of a parallel economy for the world, the Prime Minister remarked that Fintech has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. “Today, people can see the benefits of aligning with the formal banking system”, the Prime Minister reiterated.
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